Ramp moves toward crypto banking
Hey Digital Banking Fanatic!
What happens when a FinTech built for business finances wants to step deeper into crypto? Ramp is applying for a U.S. national trust bank charter to offer digital asset custody and investment management under federal supervision.
You might remember Ramp from my recent story about its $1.85 billion funding round at a $60 billion valuation, up 36% in just four months. Now, the company is making another move beyond corporate cards, applying for a national trust bank charter to expand into crypto custody and investment management.
The proposed entity, Ramp National Trust Bank, would focus on holding digital assets and managing investments rather than accepting deposits or making commercial loans. If approved by the OCC, it would give Ramp a new regulatory foundation for expanding into crypto-related financial services.
Ramp isn’t alone. Circle, Block and other FinTech and crypto firms are also pursuing national trust bank charters. But the push is facing resistance from traditional banking groups challenging the OCC’s authority to approve certain types of trust banks.
The bigger story is that FinTechs want to bring more digital asset services inside regulated banking structures, but how far that model can go may depend on regulators and the courts.
Here’s what else is happening in digital banking today👇
See you tomorrow!
Cheers,
INSIGHTS
💡 The World’s Largest Neobanks by Valuation. Revolut and Nubank have a combined valuation of $186 billion, slightly exceeding the $185 billion combined value of the other 23 companies in the global top 25. Revolut leads with $115 billion, followed by Nubank at $71 billion, while SoFi ranks third at $22 billion. The data also highlights the market’s global reach, with companies from 12 countries represented and the UK and US leading with five neobanks each.
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